Delano July 2021 by Maison Moderne

No. 80

JULY 2021

Luxembourg in English

Isabelle Faber: No woman is an island The comms director on connecting female business leaders and what makes good PR

Intelligent edge: digital transformation report 5 453000 010015 80 €4

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When WHO got woke The World Health Organization announced on 31 May new covid-19 variant labels using letters of the Greek alphabet. The labels were assigned following a “wide consultation and a review of many potential naming systems”, the authority explains, but do not replace scientific names, which “can be difficult to say and recall... As a result, people often resort to calling variants by the places where they are detected, which is stigmatising and discriminatory.” While the announcement came as welcome relief to some--perhaps especially journalists--it feels a tad late. Our own team had previously deliberated on how to refer to variants, concerned about the inherent discriminatory aspects while simultaneously aware of the fact that these variant names had nevertheless entered the common vernacular. It would have helped to have such guidelines earlier. Interestingly, already in a February 2020 bulletin, WHO stated, “Don’t attach locations or ethnicity to the disease, this is not a ‘Wuhan Virus’, ‘Chinese Virus’ or ‘Asian Virus’.” No one perhaps more infamously ignored that guidance than former US president Donald Trump. Multiple media outlets reveal a complaint was filed against him in a federal court at the end of May by the Chinese Americans Civil Rights Coalition to the tune of $22m--the equivalent of $1 paid to every Asian-American and Pacific Islander residing in the US. CACRC argues that these communities were injured as a result. Tragically, a string of hate crimes against Asian-Americans peaked on 16 March, when

a gunman took the lives of eight victims, six of whom were women of Asian descent. A study published this year in the American Journal of Public Health analyses anti-Asian sentiment on Twitter. The authors called on public health agencies not only to coordinate with media outlets and policymakers, but also to consider “generic templates” for the media in future. They hope their framework could be extended beyond covid-19, as well, informing descriptions of invasive species, for example. Luckily, in Luxembourg--at least as far as we are aware--there hasn’t been a rise in hate crime against Brits, for example, even before the variant first discovered in the UK was renamed Alpha. I do recall, however, some popular Asian restaurants being almost void of visitors at the start of the health crisis, prior to lockdown--something a few owners confirmed to me as well, even if by now it’s a distant memory. In his Dictionary of the Undoing, John Freeman argues that words are our connectors. He calls upon all of us--not just journalists--to “navigate around the rhetorical acts of sabotage, to grab the pump levers of language and turn the lights back on”. Words matter.

Journalist NATALIE A. GERHARDSTEIN

JULY 2021

Editorial #WordsMatter

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Contents July 2021

28 Business report

Intelligent edge: a look at digital transformation

08 #POLITICS - LAURA PREGNO

“We’ve a lot of requests for shop space” –

10 #BUSINESS - ISABELLE SCHLESSER

“The labour market is changing very quickly” –

12 #FINANCE - EDUARDO GRAMUGLIA PALLAVICINO

“Some people build walls and some build windmills” –

14 #CULTURE - SARA NOEL COSTA DE ARAUJO

“Modular and affordable housing in Luxembourg”

36 Head to head JEAN-LOU SIWECK VS MELODY HANSEN p. 22 Isabelle Faber on taking the reins of Women in Business

16 Dashboard

Workplace, road accident and housing cost figures Conversations

Press freedom in Luxembourg 38 Essay

The future-proofing role of CFO 42 Gusto

Salad remix 46 Business club

18 POLITICS - XAVIER BETTEL

“I don’t decide on policy to win votes” –

22 BUSINESS - ISABELLE FABER

50 Pick’n’mix

Tiktokers of Luxembourg

Photos

Andrés Lejona, Mike Zenari / cover photo by Anthony Dehez

“Creativity doesn’t start with a blank page”

p. 18 Xavier Bettel’s mid-term review

p. 38 Are companies investing enough in their chief financial o�icers?

JULY 2021

Ristretto

Ristretto #Politics

JULY 2021

“We’ve a lot of requests for shop space” While Differdange commune ended 2020 with a €5.5m deficit due to the pandemic, it continues to invest in initiatives and measures to ensure a sustainable economy. Alderman Laura Pregno (Green party) explains. How did the pandemic impact Differdange’s high street or exacerbate existing problems? There were some closures, but always shops that weren’t doing well before. Or they took a personal decision to close. We had three or four throughout Diﬀerdange, so it was relatively few. It’s difficult, we’ve large retail chains in the mall and, on the other hand, in the town centre we’ve small independent shops. The link between the new and old distraction isn’t ideal. The commune is trying to promote the centre: it’s small and there’s a park. We hope once people come, they will see what’s there and want to spend some money there.

How is the digital transition for business coming along? We tried to get shopkeepers to adapt to e-commerce, with platforms like Letzshop, but there wasn’t a big response. I have the impression that they’re not all ready to make this leap towards digitalisation. We had a project with cargo bikes to make deliveries for e-shops. But we had a lot of difficulty. Eventually, they will have to take the plunge. I believe security was an issue long before the pandemic. What is the commune’s strategy here? We’ve changed street lighting. There are more places to sit, also in the park. We’ve planted lots of flowers. We work on the wellbeing aspect. We hope people will see it’s clean and pretty and they will come more often.

And how has the commune responded? We did what all towns did, we expanded the perimeter of [restaurant] terraces to give more space between tables. We are also marking out the pedestrian zone, people are more comfortable eating outside if there are fewer cars. We’re redesigning the centre with moveable pillars, giving a more secure access. Another thing we did was oﬀering financial help. We presented at the last meeting €250,000 for shops in Diﬀerdange, distributed based on a list of criteria.

What about private security? We employed a private firm to give a certain feeling of safety to the population and monitor places. They close playgrounds and the cemeteries at night. I think there will be a debate on this subject. But the commune appreciated their presence, which made people feel safer. Otherwise, we’ve street workers to support people on the street. Also, we work closely with the police.

The commune recently surveyed residents on the mix of shops. What are the findings and next steps? More clothing shops, sport and everything related to home improvement: gardens and household stuﬀ. That’s what people would like to have in Diﬀerdange and it’s what’s missing. I hope that we will have contacts with entrepreneurs and shops who want to settle here. Is there a strong interest from residents wanting to start a business in Differdange? We’ve a lot of requests for shop spaces. Unfortunately, we don’t have enough to meet the demand, so we keep a waiting list.

Tell me about the holiday homes you’re renovating. Differdange isn’t well known for tourism but it is surrounded by greenery. We have Fond-de-Gras and Lasauvage, where we can offer a green and family-focused tourism, for one or two days. We’ve five small houses, former workers’ homes, in Lasauvage. It’s a different kind of tourism to diversify the offer and be ready for Esch2022. Laura Pregno is Differdange alderman for trade and the environment

Interview JESS BAULDRY Photo ROMAIN GAMBA

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Ristretto #Business

JULY 2021

“The labour market is changing very quickly” Luxembourg’s employment development agency Adem pivoted in response to a rapidly evolving job market. Director Isabelle Schlesser speaks about short- and long-term trends and digital acceleration. How has labour demand shifted as a result of the health crisis? What we’ve seen is more of a decline in the volume of the job offers since the beginning of the crisis. Starting from March 2020, the drop was very sharp at the beginning, [but] over the last two months [March and April 2021], nearly 3,000 new job offers are declared every month, a good trend. The situation is very different from one sector to another... In April 2019, we had 600 job offers in the [hospitality] sector. Now, we have 400, but it’s not like it was six months ago, where we had nearly nothing. The retail sector is also not as it was before, but sectors like construction are really boom[ing], [also] the health-related and cleaning sectors.

Another thing we see [which is] more positive is that people are more open to change their career... We have people who used to work in restaurants or hotels and, on the other hand, we have a very strong demand for bus drivers... [they] opened up and said, ‘perhaps [being] a bus driver would be a good thing for me’. These people are used to working shifts, having contact with customers, so they have skills that could also be important [as] bus drivers... We have to retrain people because everybody knows that the labour market is changing very quickly. Are employers demanding different skill sets? Digital skills, of course, but also more soft skills, the capacity to adapt quickly to new situations because the situation is so uncertain also for employers, [so] they need employees who can cope with this... employers nowadays insist very much on communication skills, too.

Long-term unemployment seems to have been particularly impacted. Two difficult points were youth unemployment and long-term unemployment. When we look at the figures for the young unemployed, the trend is very positive. It’s always like that after a crisis: at the beginning, young people suﬀer, but when the market grows again, they’re the first ones hired. Long-term unemployed [registered more than one year] are half of all our customers, more than 9,000 people. It’s the highest figure we’ve ever had in Luxembourg... as a public employment service, it’s our challenge to oﬀer employment measures to help develop employability, training, coaching, etc., to open perspectives again. Are job seekers having new demands? Job seekers aren’t classical employees: they have no job, so they are more about finding a new job, whatever it takes... Luxembourg used to have a good job market--and I hope it will again--but now we’ve had months where nothing happened to these people. From a financial point of view, it’s a very difficult situation. You have no certainty about the evolution of the situation, how long it will last, no [or less] financial resources... people are becoming stressed, feel powerless, lost, desperate...

How has Adem pivoted as a result of the health crisis? We’re a company like any other, so it hit us hard, mostly because we used to [place] a lot of importance on the physical contact between the job seeker and the advisor… all of a sudden, we had to change... we’d already planned this before the pandemic, but it accelerated [the digitalisation]... now, it works well, [and] it’s easier for the advisor and customer. The other biggest challenge was short-time work, where we’re doing the financial part, paying out subsidies… but now I think all our other digitalisation programmes will go much quicker than planned.

Isabelle Schlesser first took on the role of Adem director in 2013

Interview NATALIE A. GERHARDSTEIN Photo MATIC ZORMAN

HAPPY 25 TO THOSE WHO CHALLENGE THE SHARKS OF FINANCE TH

swissquote.lu/25years

All investments carry a degree of risk. Swissquote Bank Europe SA – RCS B78729. Bank licensed in Luxembourg under supervision of the CSSF.

Ristretto #Finance

JULY 2021

“Some people build walls and some build windmills” The American financial group State Street marked its 30th anniversary in the grand duchy during the pandemic. Eduardo Gramuglia Pallavicino, Luxembourg country head, takes stock. You told me earlier that you have a few employees who’ve been with you since the beginning. So I signed their letters saying ‘congratulations’. I signed one yesterday [on 1 June], and I signed a few more last year, because the 30th anniversary was last year. We’re at 31 today. I don’t know oﬀ the top of my head, but I do recall signing at least three. It’s quite impressive, because now we are around about 1,000 employees, 600 on the bank side and 300 on the [transfer agent] side. So I’m sure there’s a few more...

Is that a good thing or a bad thing? That’s a good thing. It’s all regulated business, and so it’s very transparent. What are the big challenges that you’re facing in the coming few years? I think it’s the continuous evolution. And continuously staying current with the trends in the market, with investors’ preferences. You need to talk a lot about technology, a lot about digitisation, a lot about tokenisation.... Do you think that tokenisation or distributed ledger technologies are a fundamental threat to your business? You probably have heard the Chinese proverb, ‘when the winds of change blow, some people build walls and some build windmills.’ We’ve been around for 225 years as a company, 30 in Luxembourg, but as a bank, 225. If we had resisted every change, we wouldn’t be here anymore.

Going back to 1990, is it fair to say that State Street came to Luxembourg to take advantage of the EU’s Ucits retail fund directive? We have employees that are with us after 30 years, we also have clients that are with us after 30 years. So the client that we came to Luxembourg with 30 years ago is still a client of ours and has been growing ever since... the client obviously wanted to avail of what Ucits was presenting for cross-border distribution. It was a client of ours in Boston and asked State Street, ‘would you set up a presence to service our funds?’ And so we did.

Are you planning to grow your headcount here? No... I mean, we’re a scale business... with technology and more opportunities [for] automating processes, with new artificial intelligence and the like, we’re going to be careful about where we grow and how we grow.

In very simple terms, what is your business here, in Luxembourg? We look after our clients’ assets, wherever they are in the world... making sure that everything’s being done in compliance with what it says on the tin. What have been the biggest changes over the past three decades of operating here in Luxembourg? Probably the main change is that Luxembourg became the second largest fund domicile in the world. The financial industry before was more private banking tilted... with the introduction of Ucits, and then [the Alternative Investment Fund Managers Directive] later, the fund industry, in terms of its weight in the financial industry, has become more marked or heavier.

Eduardo Gramuglia Pallavicino has been an executive with State Street in Luxembourg since 2015

I guess you didn’t really have a big celebration for your anniversary because of the pandemic. Are you planning to make it up this year? [The pandemic] didn’t prevent us from celebrating last year. I didn’t want the 30th anniversary to pass by... so we still celebrated with our clients and other industry partners. We still toasted virtually... for our staﬀ, we agreed with our staﬀ delegation that we will do it physically, once conditions allow for, which we’re not there yet, I don’t think. Interview AARON GRUNWALD Photo ROMAIN GAMBA

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Ristretto #Culture

“Modular and affordable housing in Luxembourg” The architect Sara Noel Costa de Araujo was tapped by the Luxembourg Centre for Architecture (Luca) to curate Luxembourg’s exhibition at this year’s Venice Architecture Biennale, which was postponed from 2020. The theme of the 17th International Architecture Exhibition in Venice is “How will we live together?” How did you claim ownership of this question for the Luxembourg exhibition? We proposed, with Andrea Rumpf, director of Luca, an exhibition for the Luxembourg pavilion which would form the last part of the trilogy started with the exhibition Futura Bold? Post-City: Considering the Luxembourg case, by Philippe Nathan, Yi-der Chou and Radim Louda in 2012, followed by The Architecture of Common Ground, in collaboration with the master in architecture [programme] at the University of Luxembourg in 2018, and for which we had already exhibited the Gesamtcollage project. For the last part, presented in 2021, we wanted to continue the research carried out around the question of the ground in Luxembourg, but by focusing on the human dimension of this subject, and more particularly the question of housing in this territory. What might seem, at first glance, a very general question has taken on a whole new dimension and meaning after the lockdowns that we have experienced and that we are currently experiencing. How did you manage to make this subject resonate with your own research and architectural practice? For several years, at Studio SNCDA, which I founded and which I manage, we’ve been approaching the landscape by modifying the existing as little as possible, embracing both the subject of the landscape and the city. This is an approach that we had developed for a garden project attached to the Möllerei, in Belval, as part of Esch2022, but which ultimately did not materialise. Our proposal was to create a new outdoor space dialoguing with the existing vegetation, bringing only structures or temporarily added furniture, which could be removed to regain the wild state of the site. It is, in fact, a project which mixes architecture, scenography and the third landscape. The idea that we are championing at the Venice biennale

takes the same approach and is combined with a subject that is highly topical, which is affordable housing. What’s the connection between the landscape and affordable housing? It is about launching the debate around modular and affordable housing in Luxembourg, through non-invasive housing, operating on leased land which is returned at the end of a lease. It is a temporary occupation of a site, although the nature of temporary can still be long term-5, 10 or 15 years depending on the length of the lease with the landowner. It is therefore a proposal that makes it possible to lift the burden of land costs, since the land is not bought, but rented. When we hear about modular housing, we often think of housing created with containers, used after a crisis or a war, which have very poor architectural quality. I imagine that is not quite what you are suggesting... Indeed not. They are modular and prefabricated homes, but with high architectural and energy efficiency quality, made from sustainable, recyclable, reusable materials. We are not actually the first to develop visions, estimates and models of mobile housing units. What we have found interesting, in parallel with the development of nomadic housing units, is the design of a temporary habitat not because of war, poverty or other disasters, nor because of lifestyle, but for financial reasons. Because they are mass-produced and for a certain quantity, their production cost becomes affordable.

Sara Noel Costa de Araujo founded the architecture practice SNCDA Studio in 2013

Interview CÉLINE COUBRAY Photo ROMAIN GAMBA

Translated from the French by Aaron Grunwald

JULY 2021

g n e del

d i d ir a n ope

17. - 20.06

Fête de la Musique

08.07. + 10.07. 29.07. + 30.07. 31.07. + 01.08.

24.07.

Zeltik

17. Cali / TNNE / The Tame & The Wild

Open Air Kino

18. Josh. / Zero Point Five / Dëppegéisser / Ensemble Vocal Cantus Gaudium / Amis de l'Orgue

Hothouse Flowers / Beoga / Skerryvore / Schëppe Siwen ‹

09.07. Jaimie branch Greg Smith GS

03.08.

19. Lotte / Mathea / TUYS / Nicool

10.07.

20. Fool's Garden / A-Drew / After Tank / Portobello

14.07.

22.06.

Veille de la Fête Nationale echoes 04.07.

Kyle Eastwood Retrospective 5tet 06.07. + 07.07. + 11.07

Public Viewing UEFA Euro 2020

Jazz for Kids

Benny & The Bugs & Friends 16.07.

Harmonie Municipale de Dudelange 17.07.

Rome Brian Brody 23.07.

Jupiter Jones

Concerts+Kino TICKETS www.opderschmelz.lu

Nura

05.08.

Michael Schulte 06.08.

Belmondo Quintet Ara Sextet 07.08.

Reggie Washington Tele-Port 08.08.

Campino › präsentiert

Hope Street

‹

Dashboard #Economy

-1

HOME WORKERS The pandemic helped the proportion of people† who “usually” work from home in the EU to roughly double between 2019 and 2020. Luxembourg had the second highest rate last year. Source

Eurostat

The central bank’s consumer confidence indicator for May 2021 was -1, compared to -3 for April 2021 and -17 for May 2020. The indicator hit -24 in April 2020 and then was -10 or less for the rest of the year.

Ireland

Source

Austria Netherlands

Luxembourg Central Bank (BCL)

182%

Belgium Denmark France Germany Malta Portugal Estonia

The average annual gross salary in the grand duchy was €64,932 in 2018. That was 182% of the EU average. However, adjusted for diﬀerences in cost of living and purchasing power, Luxembourg salaries were 145% of the EU average, falling to the equivalent of roughly €50,000.

EU27 Italy Spain Poland Iceland‡

Source

Statec

Slovenia Sweden

1/5

Czech Rep Serbia‡ Greece Slovakia Lithuania Switzerland‡ Norway‡

Amazon said it would increase its Luxembourg headcount by a fifth in 2021, from roughly 3,000 to 3,600 employees.

Cyprus Latvia

Source

2019

Hungary

Amazon

2020

Croatia Turkey‡

†Employees aged 15-64 ‡Non-EU countries

Romania Bulgaria 5%

10%

15%

20%

25%

30%

COMFORT LETTERS The number of advance tax decisions*, often called “comfort letters”, issued by Luxembourg Inland Revenue (ACD) each year has dropped by 90% since 2015. The ratio of positive replies to taxpayer requests** was down by nearly a third. Source

Luxembourg �inance ministry

“The pandemic as such is uninsurable” Marc Hengen The CEO of the Insurance Companies Association (ACA) said that insurers cannot provide business continuity coverage for pandemics, “just like a nuclear disaster”. Read the full interview on delano.lu or paperjam.lu.

800 700

Favourable rulings

400

Unfavourable rulings

300 200 100 0

2015

2016

2017

2018

2019

2020

*There are two types: advance tax rulings, written confirmation of how tax law will be applied to a taxpayer’s specific case, and advance price agreements, how transactions between diﬀerent parts of a multinational corporation will be treated. **ACD granted 83%-85% of taxpayer requests in 2015-2017, compared to 59% in 2020.

Matic Zorman (archives)

600 500

Photo

JULY 2021

Finland Luxembourg

WOMEN IN SCIENCE & TECHNOLOGY, 2020

ROAD ACCIDENT INJURIES & DEATHS

A bit more than half of Europe’s science & technology workforce* is female, although the figure is less than 50% in Luxembourg.

Between 2015 and 2020, there were a fifth fewer traffic accidents, a quarter fewer fatalities and a third less serious injuries.

Source

Eurostat

Statec/Police Grand-Ducale

Personal accidents

Lithuania Latvia

966

Estonia

JULY 2021

1,000 800

Poland

600

Romania

400

Cyprus

200

Belgium

France EU27

2015

2016

2017

Fatal road accidents

Ireland Denmark

2018

2019

2020

Non-fatal road accidents

Accident victims

Germany

1,048

1,500

Netherlands Luxembourg

1,200

49.2%

Czech Rep

900

Italy

600

Malta

300 0%

10%

20%

30%

40%

50%

60%

70%

80%

319 36

2015

2016

2017

Fatalities

*Percentage of workers in science & technology aged 15-64

2018

2019

Serious injuries

2020

Minor injuries

HOUSING COSTS Property inflation has slowed nationally since the autumn, mainly due to falling prices in the Centre region. Prices were steady or rose in all other regions.** €768,220

Autumn 2020 Spring 2021

Houses

€1,023,665 €1,056,643

€667,489 €681,085 €541,365 €572,491

€1,003,191 €1,012,418

€830,789 €813,670 €835,725 €884,816

€1,304 €1,274

€531,911 €555,256

CENTRE

EAST

Apartments

NATIONAL

€1,456,639 €1,419,509

€1,064,572 €1,135,196

€2,265 €2,578

€708,247 €707,266

€3,605 €3,312

WEST

CENTRE

€1,263 €1,287

€2,588

€1,743 €1,727

€1,501 €1,545

€2,504

€702,941

€457,802 €477,255

€2,908

NORTH

NATIONAL

SOUTH

Average asking price

€2,759

€1,527 €1,518

€2,465 €2,754

NORTH

WEST

Athome

Average monthly rent

€1,453 €1,533

€1,105

€1,077

Source

SOUTH

Autumn 2020 Spring 2021

**Based on an average of adverts posted on Athome.lu in the 12 months to September 2020 and to April 2021

EAST

Apartments

Autumn 2020 Spring 2021

Houses

Autumn 2020 Spring 2021

Xavier Bettel has been 18 prime minister since December 2013

Conversation Xavier Bettel

“I don’t decide on policy to win votes” As the second DP-LSAP-déi Gréng government approaches the midway mark of its mandate, Xavier Bettel (DP) discusses how the pandemic has affected the pledges it made in its 2018 programme, and its ambitions for the remaining two and a half years. Words DUNCAN ROBERTS Photo ANDRÉS LEJONA

Xavier Bettel is in relaxed mode as he arrives for his 3 June interview with Delano and Paperjam’s Pierre Pailler. He gives us a brief tour of the art hanging on the walls--much of it contemporary postmodern. During the interview, he is at ease enough to hang his legs over the arm of his chair, and he smiles when his mobile phone pings with a message from “AM”-- Angela Merkel. The good mood could be explained by the announcement he made the previous day, together with health minister Paulette Lenert (LSAP), that Luxembourg would be easing its covid restrictions significantly as of 12 June. The last 16 months of Bettel’s premiership have been dominated by the coronavirus pandemic, of course. It has impacted society, the health sector and the economy. As the state aid for businesses that have suffered during the crisis is slowly phased out--some specific subsidies have been extended until October--Bettel says that the help was a response to an “unusual situation”, and that it not going to help companies that were already struggling badly before the pandemic suddenly becomes a “super business.” He is cautiously optimistic about how Luxembourg will emerge from the crisis, and proud that the grand duchy was among the countries that invested most per capita in response to the pandemic.

Economic recovery Indeed, in the face of covid, European states have been forced to finance themselves more through borrowing than through taxes. How does Bettel’s government intend to reduce the debt in order to maintain Luxembourg’s prestigious

XAVIER BETTEL Xavier Bettel, born on 3 March 1973, has been prime minister of Luxembourg since December 2013, after he was asked to form a government following snap parliamentary elections in October that year. In October 2018, his DP party lost one seat in parliament, but thanks to a gain of three seats made by their déi Gréng coalition partner, the coalition between those parties and the LSAP (which had also lost three seats) held on to power with a parliamentary majority of one, again with Bettel at the helm. Previously, Bettel served as the mayor of Luxembourg City from November 2011 to October 2013, having first been elected onto the council at the 1999 local elections. A law graduate, Bettel was admitted to the Luxembourg bar in 2001 and continued to work as a lawyer while serving in local politics.

triple-A rating? “First of all, we are committed to not surpassing the threshold of 30% of debt, and unless my calculations are wrong, we have managed to maintain that. That has been our guideline since the start. The crisis has come at a cost, and we have managed to bear that cost. There was plenty that was unforeseen, we would have liked to do many things that we may not now be able to do, over the next two years, but we remain on track in terms of budget, public finances and heritage for future generations. But we are not yet at that point where we know when the crisis will end. I want to really take stock when we are at the end, or at a total phasing out [of state aid for the pandemic]. And personally, I hope we don’t have to take any additional measures.” On the other hand, the long-promised fiscal reform has had to be postponed. “That was something dear to my heart, to be able to achieve some modernity in society with regards to taxation. But we can’t do it right now because it will cost a lot. And I certainly can’t allow [Luxembourg] to take out a loan to finance fiscal reform. There would be no logic to that. We just don’t have the economic margin to carry out the fiscal reform, and there are other challenges that are indispensable. We have obligations with regard to covid, to the environment, employment, education, health, which are more

JULY 2021

Conversation

JULY 2021

important today. Fiscal reform will happen, but it is not as much a priority as poverty, housing, transport… we can’t just say we will not do those things. It would not be responsible.” The question then is, how can we avoid a sovereign debt crisis, and what does he think of calls for the elimination of covid debt?

“ It’s strange that, with these negative rates, they are giving us money in order to borrow. We hope that economic growth over the next few years will allow us to start paying back these loans step-by-step. But the debt is ‘clean’, if I may say. We are not in a situation where we have had to borrow because the economy was in bad shape. But we still have to keep an eye on the situation.”

THE 2018-2023 GOVERNMENT PROGRAMME In the preamble to its 246-page programme, the DP-LSAP-déi Gréng government promised to “pursue a responsible, sustainable and innovative financial policy” based on “sound public finances that respect the stability and growth pact of the European Union.” It also pledged to “address the challenges of dynamic economic development that go hand in hand with respect for ecological boundaries and social equity.” This includes the idea of working to “implement an ambitious social policy aimed at reducing the growing income gap, strengthening the fight against poverty and exclusion, with particular attention to wage structure and equitable tax policy.” The government “sees digitalisation as an opportunity” while recognising that the “profound changes caused by digitalisation, as well as by climate change and demographic ageing, will be accompanied by a proactive policy” that puts human beings “at the centre of its concerns in the general interest.”

He thinks that the solidarity mechanism displayed with the European recovery plan shows that member states can agree around a table “not as individual countries but as Europe.” He adds: “It’s true, however, that the reforms that some countries may have to make will not be popular but necessary. Solidarity for some may be an obligation for others.” No chance for inheritance tax But other aspects of fiscal reform have also made the headlines in Luxembourg recently, most notably a call last year, then withdrawn, from former CSV president Frank Engel to think about wealth and inheritance tax, and a suggestion from LSAP labour minister Dan Kersch in March this year for some sort of “covid winners tax”.

“ It is time to stop perceiving provisions for inheritance as illegal. Tax has been paid on it. I will do all in my power… to avoid introducing a tax on inheritance. I am talking as Xavier Bettel, member of the Democratic Party. I don’t think it is the place of international institutions, the OECD or the International Monetary Fund, to tell countries they should impose inheritance tax. It is a political decision.” As for recent discussions surrounding a minimum global corporate tax, which has the support of US president Joe Biden, Bettel says his government will not exclude any form of discussion on such a move. “You know, we are no longer on black lists, grey lists, whatever the colour--as long as there is a level playing field at OECD level. We are not going to do something that would invite companies to move to London and pay less tax.” He also plays down the danger to the coalition of the Kersch comments. “We have a five-year coalition agreement. Of course, there are compromises--we introduced a bank holiday for 9 May [Europe Day] that

was an idea of the LSAP. We ceded on that, they ceded on other things. Just because we are in a coalition doesn’t mean we [the signatory political parties] should surrender our DNA. I hope that the reds [LSAP] stay red, the greens [déi Gréng] remain green and the blues [DP] stay blue. We shouldn’t stigmatise certain companies. And to say that there have been those that profited from the crisis. Those that worked hardest were taxed more. For instance, a company that made spirits that started making hydroalcoholic hand disinfectant… they may not have made more profit… but we should be proud that certain companies showed the flexibility to change and displayed initiative. But, for me, there were no ‘winners’ from the c risis. We all suffered during the crisis.” Financial centre and digitalisation Ties between Luxembourg’s financial centre and London have also come under scrutiny following Brexit and ongoing negotiations between the UK and EU on reaching a memorandum of understanding on financial services.

“ I really regret Brexit. We always had a close relationship with London, especially regarding the finance sector. We had common objectives, and we miss that partnership when taking important decisions. But London cannot have access to the European market if it has its own rules. But we need to stop saying we should punish the British for their decision. We can’t favour them, because otherwise it may encourage others. London was a partner and, I think, will remain a partner of Luxembourg.” The digitalisation of the economy is vital, says Bettel. Luxembourg has committed investment for the 2020-24 pluri annual budget amounting to €1 billion.

Xavier Bettel

The grand duchy recently officially inau- have also met with opposition from some just to make sure people have a home.” gurated the Meluxina supercomputer unions. Bettel is full of praise for the The new housing pact will offer new and has also launched its Digital Inno- medical staff who put in superhuman instruments that could allow a rapid vation Hub. “Digitalisation is a reality, shifts during the pandemic, not just in increase in quantity, and projects to conand Luxembourg has shown we are open terms of volume of work but also emo- vert former industrial sites into housing to new things. But Europe has to think tionally. “Seeing people die during your are also progressing, he says. He becomes as a continent, because China is already shift, with limited hope of life after being even more animated when talking about doing it, the US is thinking about it and intubated was hard, psychologically.” As vacant houses. “I am totally, totally in we can’t just be observers, we also have for the plans to introduce a bachelor’s favour of taxing empty houses. Opposite to be actors. Luxembourg is a leader in degree, in parallel to the existing BTS me [his private home in Bonnevoie], there things like digital payments. But if I may training, Bettel says that it is clear not is a building that has been empty for 25 talk about another aspect… green finance, everyone who wants to enter the nursing years. It has three apartments, but they in which we have become, after all, a global profession will want to take a full uni- [the owners] have no interest in renting leader. Sometimes, we are too modest, versity programme. “It is important, there- them out. Have an annual tax that dousays Bettel before explaining how “very fore, to have different options. I know bles, and people will soon understand proud” he is of what the government has [education minister] Claude Meisch and we have a housing crisis caused by specachieved with the Luxembourg Stock [health minister] Paulette Lenert are work- ulation.” A tax on empty building land is Exchange. “It shows that private investing to find an agreement that will pro- also being explored. ment, together with public sector actors, vide different possibilities and different can change and improve the world.” career options in medicine.” “ I think we are heading But while Luxembourg can attract As for maintaining health policy at a in the right direction, companies in the fintech field, for exam- national level rather than allowing but if someone thinks russels more say, the prime minister ple, Bettel admits that it is no secret that B attracting talent is another question. “We says that while a global response to somewe can wave a magic can attract them--look at how our pop- thing like the pandemic is desirable, it wand to solve the ulation is growing--but it is not easy in is tricky enough to manage a national housing problem, terms of housing… cost of living…” policy to a crisis.

“ But when I talk about talent, it’s not just a Luxembourg problem, it’s also a European problem. Is it normal today that we have to seek out Ukrainian or Indian or American talent because we are not succeeding in training them in Europe? We have to show more ambition with regards to digitalisation in terms of training. So, digitalisation is not just about having infrastructure, it’s about the human aspect.” Health sector challenge The pandemic has also highlighted weaknesses in the health sector that had already been recognised, most notably an over- reliance on cross-border frontline medical staff--over 60% do not reside in the grand duchy. But efforts to reform training programmes to increase the number of nurses that can be recruited locally

they are mistaken.”

“ How can we provide a response that covers Stockholm to Lisbon if even Hamburg and Trier do not require the same measures being put in place?” On the other hand, he welcomes the imminent introduction of the EU digital covid certificate--“the covcheck as we have been calling it here”--and says it shows that acting together is better than everyone having their own system. “We have to stop saying that Europe is the problem when it is often the answer.” At EU level, too, there has been a policy to order a stockpile of vaccines to safeguard against possible future pandemics. Housing crisis But the subject that has most residents concerned at the moment is housing. How does the prime minister feel when some Luxembourgers can’t afford a home in their own country? “There are two things. We have to increase availability, but we must also ensure we maintain quality. We cannot say we will build cages,

The government has also announced a series of measures in accordance with the UN Agenda 2030 goals, including emissions reduction targets. But, as we have seen, the younger generation still thinks you are not doing enough to make a real impact, and many of them will be first-time voters in 2023. Bettel remains unconcerned. “I don’t decide on policy to win votes. If you say young voters are in favour, there are also older voters who are against it. We decide what is best for the country. We have to have economic development that can be ecological, can be different.”

JULY 2021

Isabelle Faber at the Golf-Club Grand-Ducal. Women In Luxembourg was launched with a golf tournament in 2005

“Creativity doesn’t start with a blank page” Director of communications and public relations at Post Luxembourg, Isabelle Faber is also the president of Women in Business. She talks about connecting female business leaders, equality, marketing strategy and her passion for storytelling. Interview DUNCAN ROBERTS Photos MIKE ZENARI Cover photo ANTHONY DEHEZ

You have been president of Women How many members are there, actually? we also want to empower young women in Business since the start of the year. We have close to 140 members. Let’s say entrepreneurs, you know. So, it’s not a Marie-Jeanne Chèvremont-Lorenzini we have membership requests coming in question of seniority or not, it’s more is a tough act to follow, but what is every day. But as it’s called Women in about entrepreneurship. your ambition for the association? Business we want to maintain this spirit. I think it’s a great honour to succeed So, sometimes we have to refuse mem- Indeed, you have some young and Marie-Jeanne Chèvremont, because she’s bers because we focus on C-suite women dynamic women on the committee… a grande dame. You know, even before who are influential leaders. It’s not that Yes, and we are very happy about this. It’s I worked [with her] at PwC, she was inspir- we want to discriminate. But sometimes important to have some people with expeing women. She’s like a role model. She when you are a female in management rience. It’s important to have women who did a lot at PwC to give women access you feel alone on your island. I mean, you are dynamic, as you call it. But you can to higher positions although she was not have your friends and family and what- be experienced and dynamic. But I think the kind of person who would hand you ever, but it’s important to, to meet women what is more important is benevolence things on a plate. You know, you had to who are in a similar position as you. And and the creativity of the members--to have new ideas, to create new networks work. But she always was there to listen and not to always just be among ourand she always gave good advice, even if sometimes it was not easy and you were selves… And this is important for the susnot always happy to hear it. tainability of the association. And also to So, it was not difficult to take over from maintain awareness, you know, becauseQUICK CV her because I worked with her for years, -and this is hardly a scoop--the world is Isabelle Faber has been the director of I have been a member of Women in Busichanging and habits are changing. So, it’s communications and public relations ness for years, and I was even on the board. important to have this new generation, at Post Luxembourg since April 2020. I’d say, because they have other battles, So somewhere we were on the same wavePrior to joining Post, she was CEO of length. And there were no surprises because other fears, and also other victories, than her own PR company, Leitmotif, which we knew one year beforehand that she those we knew. But there’s also the matshe founded in 2016. It had 60 clients ranging from local associations and would leave, so everything was prepared. ter of governance. At Women in Business, retailers like the Association The ambition is not to change. Marieand also as a member of other boards, I Luxembourgeoise des Sages-femmes think you have to change every three or Jeanne’s basic idea when she founded Women and Vol(t)age to multinationals like Total and Philip Morris. five years--five years is probably even in Business 20 years ago was to create a long--so that there is fresh air, so you conducive environment for networking, A proud monarchist, Isabelle served as advisor responsible but dedicated to women in business, women don’t sleep on your ideas. It’s very imporfor press and communications in C-suite positions, and to create an envitant to change regularly. at the Cour Grand-Ducale ronment where they can exchange ideas between 2010 and 2016. Do you have contact with other similar that could empower them to advance She has also worked at PwC associations abroad? Luxembourg for eight years, spent together. It’s very important for us to have two years running Luxsite, which Not yet, but it’s one of the items at the the input and ideas of our members, not was the first digital e-commerce top of the list. But I think it’s also imporjust the board members, but all the memplatform in Luxembourg, and done time in the retail and banking sectors. tant to have something in Luxembourg bers. So, it’s an ongoing process.

JULY 2021

Conversation Isabelle Faber

Conversation

JULY 2021

Isabelle Faber with members of her team at Post Luxembourg, where she heads up communications and public relations

and for it to work well. And, you know, this is all voluntary. And every member of the board works on events, whether it’s the golf tournament or our new tennis tournament in September--because all the ladies do not play golf--or our major talks or get-togethers. I mean, I am the president because the statutes say we need a president. But we are all hands on.

ing happens. Or it’s too slow. So, I have they will open paths and they will succeed. changed my point of view. And I see now That’s why I love associations like the Jonk that if you impose women on a board it Entrepreneuren and their mini-enterprise brings added value and opens up the door, [mini-companies] contest. As Post we also it takes away the complex women may sponsor that, and it’s amazing when you have. You know, throughout history women see the quality of the projects. Usually, have faced bigger challenges. But if [quo- they are mixed teams and I think they tas] change the world for the better for don’t even ask themselves about it--we future generations, then let’s do it. are the ones who ask these questions, but I think it’s our role as women, moth- for them, gender is not such an issue. ers, sisters, whatever, to transmit values There has been much debate that But if you look at all the women leadto our sons, but also our daughters, to ers here in Luxembourg, very often they Luxembourg lags behind in terms of women on boards. What do you cause a paradigm shift in their education. are managers of a family business. So think can be done to improve the Then when we get to these higher maybe the mindset changed quicker in situation? Are you in favour of quotas, positions, figures show that women earn family businesses than in big companies. as some politicians--notably Viviane nearly the same salary as men. And what Maybe also because they don’t have to Reding--have been advocating? hurts me is this “nearly”. But this is another question whether the successor is a man or woman. Sometimes, like at Brasserie I think the government does a lot to encour- debate, or fight. Nationale, you have a balance, with Isaage female entrepreneurs. And also takes belle and Mathias Lentz. But even in actions to give women access to boards. You talk about education at home, finance you have Françoise Thoma So, they do things, you have to be honest. but does Luxembourg’s education at Spuerkeess, Béatrice Belorgey at BGL system play enough of a role in But it’s clearly not enough. Women and men have to be judged on encouraging girls to consider BNP Paribas or Mirjam Bamberger at AXA. their competence, so it’s a false problem. a career in business, especially And you have Edith Magyarics at Victor If you reach a position of responsibility, in the financial services sector? Buck Services or Kenza Bouzouraa at Ainos, it’s because you are good at what you do, I would even ask, does the school system and that’s high tech, you know. not because you’re a woman… or a man. allow boys and girls to express themselves For a long time, I was against quotas. to be innovative, and to go maybe beyond Nevertheless, do attitudes towards Because I was like, yes, now I’m on the their curriculum? I think that if we want women who show ambition, especially board because I’m the “Quotenfrau”. And to have engaged entrepreneurs, women, those who have also started a family, and men, we have to ask ourselves what need to change? then you have positive discrimination. But then experience shows that if you we transmit at school. If you give a child I already said that women and men have have it just on a voluntary basis, then noth- the keys to success, and let them go, then to be judged only on the quality of their

Isabelle Faber

work and commitment to the company. Full stop. But I think that companies also have to make life easier, to offer conditions to their employees that make it possible for them to reach their goals if they have a family, or not. Sometimes, you know, you’re very busy not because you have a family. Maybe someone is sick at home or you have a hobby… you have a life after work. So, if a company asks employees to work overtime or to work on a public holiday… then the company also has to be flexible. It’s a question of fair play. Do you think the introduction of parental leave for men and giving ten days paid leave for fathers when their baby is born is changing attitudes as well? Yes, it’s great and I encourage it. It shows that attitudes from women to men also have to change, you know, because sometimes you have women who think that only a mother can take care of their child. And of course, you have couples where there are two mothers or two fathers… Maybe we can look back at what has been a fascinating career spanning many different sectors of the economy and Luxembourg society. Was that planned, are you a restless person always seeking a new challenge? I would say I’m quite loyal. At every step in my career my goal was to make the experience positive for me as well as for the other stakeholders. But as in real life, sometimes you have to leave. But it’s never a hot-headed decision or because I think the grass will be greener… and even less because of salary--that never enters into it, otherwise, I would not have become an entrepreneur. It’s because I think the timing is right for me, and maybe for the other party, so it has to be well thought over. Maybe it’s my métier, you know, in communications, like in other creative jobs, you have to constantly challenge yourself. But it is always coordinated with a stateof-the-art handover, and I always leave on good terms, because you never know who you will meet again. You know the saying, only mountains don’t move. Nevertheless, I find it amazing, all these people who stay in the same company their whole life.

Isabelle is joined on the Women in Business board by vice president Cécile Lorenzini and board members Lynn Alzin, Loraine Calo, Juliette Feitler, Barbara Forzy, Michèle Gosselin and Sandra Paulis. Founder Marie-Jeanne Chèvremont-Lorenzini is now the association’s honorary president.

So, what are challenges and opportunities that Post is facing at the moment? The biggest challenge when I started on 1 April last year was that the first lockdown had just started, so I quickly had to understand the needs of the company, As well as Women in Business, Isabelle is a member of public but also of my team, without actually relations body CENARP, meeting them first. I have a team of close Design Friends and the to 50 because I am responsible not only Golf-Club Grand-Ducal. for corporate communications, but also www.womeninbusiness.lu for events, sponsoring, press, philately… And I have an internal creative agency and the CSR department. Last year’s big challenge was the 5G and the “network of the future” launch, the Hôtel des Postes project, and so on. Next year we have the inauguration of What is the secret to a good the new headquarters at the Gare. communications strategy? How do And my big challenge is to make sure you approach making a compromise, the Post strategy continues to happen. for instance, between what you think Without giving too much away, we will is best and what the client has given have a new strategy for Post Finance, we you in a brief? Well, it is a true métier, a profession have the Internet of Things, success with that has its rules and foundation. You our logistics activities with Asia [in 2020 can’t improvise. And you have to fully Post handled 14 million parcels from Asia understand what you are communicat- for delivery throughout Europe]. But also ing about. When I had my own company to create sustainable value that we will [Leitmotif], sometimes I refused clients share with our people--during lockdown, because I could not find this enthusi- everybody was happy to have their letasm, this passion for the project. But I ters and parcels delivered--, with stakehad clients who produced organic fer- holders, and also with the country. You tilisers, clients in the IT sector or in know, Post is really an ecosystem. archiving--it doesn’t matter as long as you are passionate about it. And I had startups and multinationals, so there is no such thing as a “small” client. And then you have to find something amazing to say--this famous “storytelling”, or, in French we would say a “fil rouge”, which is why my company was called Leitmotif. You really have to be curious. I think what describes me is eclectic and enthusiastic. And innovation and creativity doesn’t start with a blank page. You have to look to the past, what the company did before. I think a lot of the future comes from the past. That’s also why one of my real passions is heritage marketing and, more recently, responsible communication. Which is why Post suits me very well. You can’t have more heritage, and I am passionate about the new CSR strategy. I love this quote from Steve Jobs: “You can’t connect the dots looking forward; you can only connect them looking backwards. So, you have to trust that the dots will somehow connect in your future.”

JULY 2021

WOMEN IN BUSINESS

Fujitsu “Experience Studio”: A new world of experiences Digital Transformation is moving fast. Organizations and individuals are connected. Interactions are instantaneous, anywhere in the world. Competition is huge, and customers are ever more demanding. Companies need to continuously strengthen their existing business by improving customer experience and operational efficiency. Digital is an enabler for business to shift towards delivering better value to society. In order to guide organizations on their Digital journey, Fujitsu Luxembourg created “Experience Studio”, a comprehensive approach with focus on business transformation driven by experience and innovation.

Why did Fujitsu create “Experience Studio”? In these challenging times, it is crucial for companies to make full use of the Digital potential. Fujitsu’s purpose is to help customers to transform their business. This goes well beyond providing technology and innovation. We aim to understand customers’ challenges, purpose and strategy so that we can assist them on their transformation journey. In our view, there was a missing link between the Digital Transformation objectives of a company and the implementation of the required technologies. The abundance of possibilities offered by innovation can be challenging to fully grasp, especially by people that are not expert in the domain (Artificial Intelligence, Data, Automation, etc.). This is where “Experience Studio” comes into play, as a facilitator to comprehend the possibilities offered by innovations, through tangible experiences. What is an Experience? Today, transformation has become crucial. It is no longer just about developing new platforms, it is about delivering unique

and positive experiences: the experience between the end user (whether it is a customer or an employee) and the product or service delivered. The relation a company has with a customer is made of a multitude of different experiences (discovering the marketing site, using the mobile application, contacting the call center or the post-sales service, etc.). Each of these experiences connects to one or more specific needs. At Fujitsu, we believe that it is crucial to make sure that each of these experiences is thoughtful and adapted to the need(s). In order to succeed in their Digital Transformation, we accompany our clients by taking into account the delicate balance between business strategy (Why do we need to improve or create a product? What are the business expectations and expected KPIs?), user needs (What does the user expect from the product? When will they use the product and how can we make their life easier?), and new technologies (What possibilities do the new technologies offer? How far can we go?). To test this balance, we make use of prototypes and/or Proofs of Concept.

How important is technology in all this? The technical aspect is an integral part of the Digital Transformation experience. There is a wide range of technical solutions available such as artificial intelligence (AI), virtual reality (VR), hyper-automation and many others. However, it is important to retain that it is the experience that drives the technology choice, and not the other way around. Fujitsu will always start by evaluating the business needs (why) and the user’s needs (how) in order to select the most suitable solution (what). We see the “Experience Studio” like a means to connecting Digital technologies to the customer’s expectations and needs. We help to model, build and maintain a link between these two worlds, bridging the gap between expectations and reality, creating a seamless transition for employees and end users. From idea to project Once an idea was identified, we focus on each experience and materialize them in the form of a prototype. To do so, we will go through analysis workshops, technical

Photo: Marie de Decker

PUBLIREPORTAGE

labs validation, UX (User Experience) reflec- rience Studio” is a reliable way to help tions, wire framing, design, etc., in order companies carry on their transformation to create a high-fidelity model that can be without fearing to run out of budget and tested by users. time and avoiding project failures. It After subsequent iterations to achieve increases the chances to select the best a convincing result, we will be able to move ideas and implement them in the pathway on to the making of the solution in its MVP of the Digital Transformation. Ultimately, (Minimum Viable Product) step, being sure “Experience Studio” will enable companies to propose a product that meets the users’ to multiply experimentations in a constant expectations. flow without wasting time or money. It is This approach fits perfectly the Fujit- our belief that this is the future of Digital su’s philosophy: Think big (imagine the Transformation. perfect product you would like to put on Few weeks are often sufficient to test the market), start small (select the key fea- the desirability (customer’s interest), as tures in order to quickly deliver a reliable well as the technical feasibility of the proproduct), improve rapidly (collect all user ject, and consequently the commercial viafeedback and improve the platform, and bility of the product. add new features to constantly improve Creating a project and beyond your product). At Fujitsu, we understand the importance Time savings and better investments of rethinking the Digital Transformation As explained, one of the advantages of this in a global way. That is why our dedicated approach is to quickly materialize an expe- teams are able to guide our clients from rience thanks to the prototype. It gene- idea generation to implementation and rates the ability to quickly test and try, beyond. Once a product is on the market, and thus getting first feedback, enabling we measure its results in order to optimize better decision-making before committing it, improve it and make it grow according to further investments. Therefore, “Expe- to possible new opportunities.

Laura Mathieu, Head of Experience Studio at Fujitsu Luxembourg Sebastien Wileczek, Head of the Digital Business Consulting at Fujitsu Luxembourg

FUJITSU LUXEMBOURG www.fujitsu-luxembourg.lu

Business report

FEBRUARY 2021

Intelligent edge

USE OF CLOUD COMPUTING SERVICES BY ECONOMIC ACTIVITY, EU27, % OF ENTERPRISES Each sector takes into account enterprises where 10 or more people are employed. Averages do not include financial sector. Source

Eurostat

2018 2018 EU27

2020 2020 EU27

Retail trade

Transport and storage

Construction

Wholesale and retail trade; repair of motor vehicles and motorcycles

Administrative and support services

Digital transformation

1 The rapid evolution

Deloitte predictions on intelligent edge p. 30

2 On the ground

Hybrid solutions for industry p. 32

3 On the cloud Microsoft on accelerating digital transformation p. 34

40 36%

24%

Manufacturing

Accommodation

Electricity, gas, steam, air conditioning, water supply, sewerage, waste management and remediation activities

Real estate

Professional, scientific and technical

Information and communication

JULY 2021

The rise of intelligent edge has practical implications for industry, smart cities and more. It’s where data is analysed and solutions are developed at the site of data generation, which can reduce costs, lags and risks, especially in terms of security. Delano explores this trend, including the longer-term vision and whether Europe is keeping step.

Digital transformation

Business report

“Still an emerging trend in Europe”

Patrick Laurent

Although use cases are limited, and edge can be considered “at the crux of 5G, AI, cloud, [as] an additional enabler”, Laurent sees the trend as still emerging in Europe. Even if Europe has strong players in, for example, telcos or some tech companies--he says the AI and cloud giants are mainly in the US and China. “Europe has lost in terms of positioning As head of the advisory and consulting itself as a key contender in these types group and firm innovation leader at of services, which are the foundations of Deloitte Luxembourg, Patrick Laurent the future of a digital world.” has vast experience in digital transformation, enterprise architecture and oth- Just a fad? er areas. When speaking with Delano, he And if you can’t keep step, what happens? even shared stories about programming “You regulate, you protect yourself.” a robot in his earlier university days. Over Laurent cites the 21 April 2021 EU comtime, he has seen the pendulum swing mission announcement, which proposed in computing power between centralised new rules and actions on artificial intelligence, combining the first-ever legal and decentralised. “One thing which is now evolving quite framework on AI with a coordinated a lot [is] the fact that we have access to a member state plan, which translates into lot more sensors, captors, videos, data high-risk systems subject to strict obliproduction devices which are providing, gations, as well as human-centric eleon the one hand, capacity for training ments, given that machine learning can sort of programmes... machine learning be susceptible to human biases. But there’s or AI, which requires a lot of data to be other complexity as well, which causes trained,” Laurent says. But there’s also Laurent to question whether edge combetter means for training such algorithms: puting will be just a fad. “The complexity of edge computing--besides the fact “a perfect fit for cloud computing”. that it’s a distributed technology--is actuExpansion in Europe? ally the fact that you have to orchestrate In Deloitte’s TMT Predictions for 2021, different types of players. There’s no the company anticipated that intelligent single player who can control the whole edge would expand to US$12bn. “You value chain.” have to think about edge computing as And while some vendors may be something which is still very emerging, preferred over others for their closed so there are very few use cases with this ecosystems, “when you get to edge comtechnology,” such as smart cities or man- puting, you might have to deal with difufacturing. ferent companies... You cannot expect

that one single vendor will manage everything. It will be much more complex, to say the least.” Nevertheless, Laurent predicts an “exponential” rise in connected devices, more cloud investment, and flexible ways for redesigning our world. “It’s not science fiction yet, but we are getting closer [for] devices to be discussing with one another... for instance, machines will do marketing to attract or sell their services to other machines.” All new ways to see the future. Words NATALIE A. GERHARDSTEIN

RACING TO THE EDGE As technologies mature and combine, tomorrow’s internet will dwarf today’s. Source

Deloitte, TMT Predictions 2021

$12bn

By 2021, 5G, hyperscale cloud and other edge techs will drive a $12bn market (growing at 35% CAGR).

70%

By 2023, 70% of enterprises will be using the intelligent edge.

$16bn By 2025, the edge data centre market will reach $16bn.

Deloitte Luxembourg

In its TMT Predictions for 2021, Deloitte anticipated a “rapid evolution” in intelligent edge, “accelerated by years or even decades because of the pandemic”. Partner Patrick Laurent shares his thoughts on where edge is heading.

Photo

FEBRUARY JULY 2021

The rapid evolution

The importance of transversal data It’s only when someone sees your data in context and adds meaning to it that it becomes valuable. That’s when you get knowledge! With the goal of helping players in the financial industry acquire such knowledge, Seqvoia has developed a product management solution that enables asset managers to begin the data transformation—digitalising manual processes, managing product life cycle, and integrating data into the product value chain. It bridges data silos, creates connectivity, and allows asset managers to turn data into knowledge. You see, you understand, and you succeed.

In the asset management industry, establishment of a coherent data strategy must start in the product space. But this is one of the least-evolved functions in the industry in terms of dedicated systems and formalised data management. Imagine the advantages that can be generated by truly embracing a datacentric view in this space.

Meaning + context = (Fund)amental knowledge www.seqvoia.com

Summit allows firms to operate from a single consolidated golden data source: unified transversality. This means that all authorised data consumers—people, applications, or processes—leverage one consistent pool of information across the enterprise. Summit employs state-of-theart semantics in its data architecture, making it source-agnostic and thus rapidly expandable and scalable over time. Summit makes the provenance and lineage of data fully transparent to users. Summit will free you from the burden of constant reactivity. You’ll win back precious time that you can spend on true valueadding activities to benefit your business— proactively embracing opportunities that will set you apart.

Digital transformation

Business report

2 On the ground

Philippe Maes

Wizata started in 2014 with a drive to bring data-driven solutions to industry, including AI to enhance processes. By 2019, Philippe Maes says the company realised that the processes were quite localised: one company’s plant in Uzbekistan, for example, may not have been providing critical optimisation knowledge to another in Poland. “We needed to build this platform that collects the data into the cloud, with Microsoft Azure, to optimise and scale up these processes,” Maes explains. It’s especially important, he adds, for industry players to operate on the edge, for two main reasons in particular.

First is the proximity to data, closely linked to latency and cost savings regarding bandwidth. “In the industrial sector, it’s even more relevant because the plants are never in cities. You never walk around in a big city and find a mine, they’re always in remote places where they don’t have access to telcos.” He adds that even if most places are connected, the main problem tends to be instability. Second, these are large players, often with plants in a variety of locations worldwide. “They already have infrastructure, so it doesn’t usually require much additional power or investment to install edge computing within the infrastructures of IT they have locally,” according to Maes, even if some of those players may require robust edge devices separate from their current infrastructure. Data and processes can therefore be synchronised, in order

BY 2025 While currently most cloud computing is done in large data centres, this trend is expected to reverse, with 80% processed with edge computing by 2025. Source

20%

European Commission, 10 March 2021

Centralised computing facilities

80%

Smart connected objects

for them to be replicated across the various sites. In terms of capital expenditure, however, Maes says, “What we’ve seen is that with industry we work with very longterm investments, very small margins on big volumes, but where each improvement needs to be a quick one.” Given the high layout normally for initial equipment or machinery, “the price of a few extra sensors is not much in comparison... if they have the opportunity to optimise or to fine-tune with IoT to gain a little margin, they will invest in it.” Of course, any interruption or downtime quickly incurs high costs for industry. Maes cites examples, such as where one hour of downtime while running and monitoring a single asset could cost a company €10,000, or where an overheating issue with an oven could block production for even a month. Even with vast improvements that can be made to replicate or optimise processes across different sites through edge, Maes thinks Europe has been slower than others to catch up. While its main customers are based in Luxembourg with plants elsewhere, he estimates activities to be 50% in Europe, 25% in the US and 25% elsewhere (mainly in “eastern countries”). But the Wizata co-founder believes Europe has been a bit lagging in the edge domain. “What was very obvious in the US, or even in South America, which has quite modern plants, is becoming now really obvious in Europe,” Maes says. “I see Europe investing more and more. Europe is catching up.”

Wizata

Co-founder of Wizata Philippe Maes talks about the implications of edge to enhance scalability and capability for industry in plants worldwide, and the impact on the bottom line.

Words NATALIE A. GERHARDSTEIN

Photo

FEBRUARY JULY 2021

Hybrid solutions for industry

let us inspire you Showroom: 7, rue de Godbrange L–6118 Junglinster

T. 42 64 95 – 1 www.phillipps.lu

home specialist

Digital transformation

Business report

3 On the cloud

Ron Pooters

The intelligent edge is where action happens, be it in a car, operating theatre or factory floor. “When we talk about an intelligent edge in the context of our business, we see it as an extension of our cloud platform,” Pooters explains, “where we bring AI and other computing power from the cloud very close to where the action really happens, so you can do some closed loop AI on the device itself, before

you move the data further to cloud for further processing.” He compares edge devices--be they drones, sensors, even smartphones--as “the senses of the cloud. They see, hear, measure what happens in the physical world, they translate that into a digital signal that can be further processed on that edge, or in the cloud.” In the last three or four years, he has seen an increased interest in building edge capabilities. “Obviously, it requires that your edge has the necessary equipment to do edge computing. You need to have a relatively modern piece of hardware in place, or you need to put something next to it,” Pooters says. “Don’t forget that many factories all over the world run with machines that are like 30,

OVERVIEW OF TECHNOLOGY PRIORITIES & INVESTMENT, 2021-2025 27 companies, in a European cloud-edge technology roadmap addressed to EU commissioner for the internal market Thierry Breton, outlined tech priorities, estimating a public-private total investment need of over €19bn by 2025. Each priority is shown here, with estimated private-public split. Source

“European industrial technology roadmap for the next generation cloud-edge offering”, May 2021

Renew, expand infrastructure foundations across Europe

Become a global leader in transversal domains

Enable sovereign & sector-specific services to end users

€6.875bn

€1.595bn

€1.720bn

€1.125bn Total €2.720bn

Total €14.825bn

Public

€7.950bn

Private

€0.64bn Total €2.360bn

40 [years old], maybe even older, so you need to complement them with an edge device that is capable of executing your logic.” The edge will be the stepping stone into digital twins, and a very important aspect of future autonomous systems. Pooters provides four specific use cases where intelligent edge is valuable. The first one is for rapid decision-making, e.g., on an industry floor to spot a defect, or in an autonomous vehicle which needs to make a critical move, like braking. “[For] these kinds of decisions, you cannot rely on the cloud, you don’t want to bring that information to cloud and process.” The second use case concerns sensitive data, for example with smart cameras. “From a GDPR point of view, maybe you want to blur out those people before you transmit that footage to the cloud for further processing,” Pooters adds. A third would be for the sheer amount of data generation, where bandwidth might not be sufficient for an organisation to transfer everything to the cloud; rather, edge allows for some advanced processing before moving it to the cloud. A fourth use case deals with autonomy, particularly in places where connectivity isn’t always so reliable. “Think about an NGO that provide[s] aid in a remote area of the world, or you provide assistance during a natural disaster... same thing with a container ship in the middle of the ocean, or an autonomous car driving through a tunnel. In those situations, you cannot rely [on the fact that] the cloud is always there to help you.” Pooters says Microsoft wants to make it as simple as possible for people to use the same platform to create applications they use to develop cloud. “With the push of the button, they can move data [e.g., a piece of code they have developed in the cloud] into the edge, they don’t need to learn anything specific [or] other languages.” Words NATALIE A. GERHARDSTEIN

Courtesy Ron Pooters

Microsoft Belux business strategy manager Ron Pooters has spent more than seven years at the US company, first working in architecture of data and AI solutions. He advises customers on how Microsoft can help accelerate their digital transformation.

Photo

JULY 2021

With just the push of a button

Enjoy the green energy This summer, enjoy the sunshine and let yourself be carried away by our green energy. Leo, energy provider of the capital Serviceline 8006-4848 • www.leoenergy.lu

Head to head

The line between public and confidential Over the last seven years, Luxembourg sank from fourth to twelfth place in the World Press Freedom Index. Is the state the biggest threat to media freedom today?

Jean-Lou Siweck, chair of the Luxembourg Press Council

Recently, a spokesman for housing minister Henri Kox (Green party) demanded that Reporter.lu take down an article. To what extent do you think this was an isolated case? MELODY HANSEN A minister asking a media to take down an article is an extreme case, I haven’t experienced anything that bad. On a less extreme level, things like this happen more frequently, for example, people taking back things they said in an interview. Sometimes they ask to rewrite the whole interview. Some politicians try to intimidate journalists. Working as a local journalist covering municipal councils, it happened to me that a member discredited my work publicly into a microphone because he didn’t like what I wrote. This is a good example of using power and taking advantage of the fact a journalist cannot reply. JEAN-LOU SIWECK Apart from the utter disrespect of the principle of press freedom, it’s also just a show of the amateurism of people who are not up to these jobs. A minister is in a public court, being paid by public

“We can’t get away with being lazy and superficial”

money and that’s the life he’s chosen. That being said, it’s normal you have interests colliding. You have politicians and other actors in public life who obviously don’t speak to you because they like you. They speak to you because it’s in their interests to speak with you and it has advantages and disadvantages for them. They want to speak to you without the disadvantages. The same goes for journalists, we do depend on sources. We groom sources and there are things in the media where you do know that this is the result of basically one hand washing the other. This is in part a game between professionals. Some might argue that in a democracy, we should be able to challenge institutions, and that includes the media. What would you say to those people? J-LS In history, media used to have close to a monopoly on public discourse in the sense you needed first to invest several million euros to buy a printing press in order to be able to publish. You saw some letters to the editor that arrived to defend and take another position or attack you. But you largely had control of that. That has changed. This goes from journalists not feeling very comfortable and having to live with it, to being abusive towards individual journalists or media titles on social media and other formats. Nowadays I don’t think we can say we’re in this ivory tower we used to be in as a profession. The reduction of cost in producing media means we’re being challenged. Sometimes this is bad for the quality of journalism, but it also has positive aspects because we can’t get away with being lazy and superficial. MH I think journalists should be able to take criticism. Listening to other peo-

Press freedom

ple should be part of everyone’s life, especially a journalist. All good media has an error culture, a right of reply, and corrections. And then there are instances like the press council where you can file a complaint if you feel wrongly treated by a media. This cannot be confused with people using their power to get their way. It’s a question of how you challenge institutions. It should be on an equal footing.

“ As soon as there is public money involved, there has to be accountability”

To what extent are there barriers for journalists seeking specific information and why do you think that is the case? MH Press officers can make the work of in the situation where for everything journalists easier... I feel they play the role related to police and justice it’s imposof gatekeeper. Since Xavier Bettel asked sible to get any kind of information outall civil servants to talk to press only after side the official police spokespeople. having contacted a press officer, sometimes it’s hard to get information. I’m not The ALJP is campaigning for a freedom talking about secret information, or any- of information act in Luxembourg. thing that would cause a minister to fear How realistic is it for Luxembourg for their reputation. Just simple questions. and what could it look like? You have to call the press officer and some- J-LS Nowadays it [regulation] allows you times you get a different person to inter- to ask [for] access to certain documents view than you asked for. That’s not OK. and there starts the problem, you first need For the press officer, I see a problem for to know this document exists. It’s not really day-to-day journalists who have to get a law that’s aimed specifically at journalanswers quickly, sometimes they aren’t ists, nor is it a law that’s handy for journalthat quick… Sometimes you can’t wait. ists because the procedures are so long. You have a deadline. A politician will say ‘We do everything we can’, but in the end they decide J-LS The increase of PR people relative to the reduction of the number of jour- whether or not to answer your quesnalists speaks volumes about how peo- tions and there is no known legal ple nowadays try to control the public rule a journalist can call upon…. Everyimage and what’s being said about them. one was underwater at the beginA big difference between public and pri- ning of the pandemic. They couldn’t vate is that in the public sector the infor- give information out because they mation they have isn’t theirs. You need didn’t have it themselves. It showed a reason not to publish because it’s all what would happen the day they being paid for by the public. One of the decide because of their political will core elements we’re debating in the sec- not to give information out. There is tor nowadays is that there are no clear no legal recourse to change that. And that’s rules as to where this line--between things not very healthy in a democracy. that ought to be public and things where MH I think we still have to talk about you might accept they’re confiden- how exactly it could be put into place. tial--where this line is being drawn and Hamburg has one of the most progreswho draws it. sive freedom of press acts out there. They Nowadays you’ve a barrier in the sense go as far as saying even private instituthat there are civil servants willing to talk tions working with public money are also to you, who have the knowledge, and bound to the act. So, as soon as there is they’re not allowed to. They face formal public money involved, there has to be or informal disciplinary action if they accountability. talk to the press. We’ve seen cases where there were not only witch hunts but legal hunts with resources invested in finding Moderated by JESS BAULDRY out who spoke to the press. We’re now Photo MIKE ZENARI

Melody Hansen, secretary of the Luxembourg journalists’ association ALJP

JULY 2021

Essay

The future-proofing role of CFO

Is the role of chief financial officer changing? And are companies leveraging this role enough to boost financial acumen across organisations, especially when it’s most needed?

Words NATALIE A. GERHARDSTEIN Illustrations SALOMÉ JOTTREAU

Finance

When the pandemic hit, some organisations had to quickly shift to e-commerce or accelerate digitally in other ways, and facing the crisis forced many to rethink value chains or processes. A challenge for any C-suite, including the CFO, who normally handles all financial activities, from budgeting to forecasting, tracking cash flow and providing strategic input to the CEO. US consulting firm McKinsey & Company calls the CFO “uniquely suited to provide the necessary combination of insights” in the next normal, with capability building across organisations as being relevant in the coming months. In its 2018 survey, 40% of CFOs “said they created the most value for their organisations through their strategic leadership and performance management. But less than half of the CFOs surveyed reported having the time to focus on capability building” across their organisations or directly within a finance department. How does this stack up in Luxembourg? Reflection on CFO function Seasoned finance recruiter and co-owner of DO Recruitment Advisors Sinead O’Donnell tells Delano that in her 20 years doing such work, she hasn’t seen many true CFO functions--something worth prefacing in this essay. “We have a lot of finance directors that have the CFO title, but they’re generally managing the finance of the holding,” she explains. “They are less involved in the financial operations and the strategic element.” In her experience, the CFO title might be useful in attracting candidates, even if the actual role function is finance director. She more often sees senior accountants picking up treasury and tax throughout their career journeys--“all the elements that make a finance director CFO, but in essence they don’t have that charismatic, influential skill to be able to pull people together and bring [them] along”. The true CFO roles tend to be in the larger, homegrown companies--think SES or RTL--and lately also in smaller fintechs, O’Donnell adds. Four main priorities In its “CFOs’ Priorities Survey”, published in February 2021, PwC Luxembourg outlined four main priorities of 36 CFOs through interviews conducted in 2020, which included talent manage-

In its “CFOs’ Priorities Survey” published in February 2021, PwC Luxembourg interviewed 36 CFOs and finance execs, across both financial and non-financial sectors in the grand duchy. 77% said they planned to develop skills through the upskilling of their own workforce. “CFOs are expecting their people to be more agile and able to work cross functionally within the organisation, embodying the role of business partner expected from them,” the authors wrote. www.pwc.lu

ment, technology, process alignment and optimisation. Topping these was driving performance with forward-looking insights. 80% of CFOs surveyed planned to use profitability analysis and business intelligence to contribute to growth. PwC Luxembourg partner Anne-Sophie Preud’homme took over CFO responsibilities herself as of 1 January 2021 and says that since the pandemic began, there’s much more interaction between the CFO and the board, particularly around cash management, but also a much more intense focus on forecasting models. “We had to elaborate some scenarios based on what we earned last year in terms of possible economic scenarios, to see what the impact could be on our own organisation,” she says. The evolution she witnessed was a more future-looking perspective with scenario planning, with the CFO “more involved in strategic decisions rather than observation of the past or current situation”. Digital for dashboards and beyond Such innovative tools and dashboards-which Preud’homme calls “crucial”--require the right tech tools, of course.

67% of CFOs ranked the use of emerging technologies as one of their top priorities in PwC Luxembourg’s survey. O’Donnell adds that, like plenty of other functions, data analytics skills are becoming increasingly important in making candidates more attractive to companies, and in the past two or three years she has noticed more demand for this technical capacity in CFOs as well. Yet for François Masquelier--chairman of the Association of Corporate Treasurers of Luxembourg (ATEL) and CEO of Simply Treasury--there may still be a gap. “Enough companies forget that over the last year they should have modernised their CFO function, and they were not doing so,” he explains. The crisis forced organisations to realise the importance of real-time information access and reporting. And he sees treasury in real time as critical. “Treasury is the most important function in finance [by] far [that] needs to be done immediately; if not, it could have a huge cost to a company. Bankruptcies do not come from accounting losses, it comes from a shortage in cash liquidity.” The good news? “The new generations are coming, and for them it’s more natural to have easier, faster, smoother processes... maybe they will push for more simplification and automation, so it’s good to also welcome the new generation.” One company that hopes to go even deeper in its digital transformation in the years ahead is Automobile Club du Luxembourg, according to its CFO, C hristiaan Hoefhamer. He cites the company’s digital transformation as part of the reason ACL witnessed membership growth in 2020, despite it being a tough year which saw some of its departments having to resort to part-time unemployment measures, given the nature of their work. Hoefhamer sees digitalisation as key not

“ Enough companies forget that over the last year they should have modernised their CFO function.” François Masquelier

JULY 2021

A FOCUS ON INTERNAL RESOURCES

Essay Finance

ACTIONS TO DEVELOP SKILLS

JULY 2021

just to meet needs of its 190,000 members, but also for its B2B clients. Employees as “business partners”? For plenty of CFOs, however, it isn’t just about the numbers. “Overall, CFOs are expecting their people to be more agile and able to work cross-functionally within the organisation, embodying the role of business partner expected from them,” the PwC Luxembourg survey’s authors write. Upskilling, they argue, not only keeps transformation on track, but it “allows your people to understand the benefits of technological evolutions in their work, making their job more attractive and so they embrace changes instead of resisting them”. This has been one of the goals at ACL as well. Over the last few years, the organisation “focused a lot on human capital... on the adequacy of the competencies and skills of our employees,” Hoefhamer says. The CFO adds that there has been talk about “global advisors” at the organisation. “It’s in our strategy to develop the competencies of our employees [so] that they really become advisors to all our members, not only providing one document or another.” Developing what he calls a “club spirit” he believes will not only provide them confidence but also be beneficial to members. Hoefhamer says there was another concerted effort: for finance and department managers to work closely together during the changing times. “What I noticed here was much more sensitivity for the operating costs, which has been shared with the managers of the departments affected... together with the department managers, we have really monitored the development of our activities, we can see how it develops during this difficult period more closely, and together we manage really to reduce operating costs on a more careful way.” Strategy versus culture Nick Yeates took on the role of Kneip CFO in October 2020, although he admits his route to the position is probably uncommon. He picked up a wide range of expertise in accounting, finance, sales and commercial strategy and beyond, having consciously built his career to learn such breadth through roles in large corporates but also startups. And he has that charisma O’Donnell speaks of, to boot.

Percentage of CFOs planning to implement each action, based on multiple choice:

78% Develop and/or make talents evolve internally

45% Foster the development of financial culture within

42% Solicit ad hoc expertise (consultants)

25% Recruit expertise outside the company Source PwC Luxembourg’s “CFOs’ Priorities Survey”, February 2021

Yeates says he and Enrique Sacau, Kneip CEO since 2020, “think alike, in terms of, have a vision, build a plan, start to execute against the plan”, and then correct the course as necessary. But the CFO quotes management consultant Peter Drucker, who famously said, “Culture eats strategy for breakfast.” “The strategy is what will happen if you execute your plan, but the culture is what enables you to deliver against that plan,” Yeates adds. “For me, it’s super important that we focus on culture, on the employees and the talent, because that’s what enables you to deliver that plan. Your culture leads to strategy... one enables the other.”

For him, a focus on culture “significantly de-risks and enables you to control costs a lot better”. Kneip had the advantage when c ovid-19 hit of already having a technological mindset, given its cornerstone is reporting solutions and data management for the asset management industry--all the more critical when travel restrictions were imposed, which impacted travel between Kneip’s Luxembourg and London offices. Yeates says customer mindset is also changing. “The vast majority of people are very productive when they work from home, and it has opened employers’ eyes to the potential there”, also in terms of potential cost savings, given, for example, the need for less office space with remote working. Similar to ACL’s Hoefhamer, Yeates sees customer focus as “paramount”. But he also sees business culture driven by a sort of “accounting literacy”, saying that many struggle with even the difference of costs versus cash, impacts on a P&L, etc. In his role, he wants the finance group “to become the trusted financial advisor to the business”, but it goes both ways. “Finance should have a seat at the table, and the only way you do that is by the finance people understanding the business better, and the business understanding more about what finance does and its impact on the wider business.” He uses an example of revenue forecasts for sales: even if the financial expert provides the data, it’s worth listening to the sales expert, who can provide context and validate those forecasts. “If you just leave it to either one of those departments on their own, you’ve probably come up with the wrong answer. But the two of them working together... give you a great chance of delivering what you expect to deliver.”

Gusto

JULY 2021

Salad remix A salad upgrade requires a vivid imagination and omitting a few leafy greens only creates space for more savoury flavours. Here are 100 some signs max ways to pimp your salad.

1 Happ’s Summer Dish Light Bowl This perfect summer dish is packed with vitamins and great nutrients. The ingredients can be prepared in advance and the dish is best served cold, making it ideal for the warm days ahead. The delectable taste of the falafel balls and baked sweet potatoes is complemented by fresh beetroots cut in the shape of fries with a sour-and-sweet avocado dressing garnished with maple syrup, pitted dates, fresh coriander and lime juice blended in a puree. The strawberry and blackberry salsa adds a refreshing aftertaste and a striking finish. happ.lu

Words ABIGAIL OKORODUS Photos ROMAIN GAMBA

“I believe the future is vegetables and fruits. They are so much more sexier than a piece of chicken.”

2 Glow’s Vegan Sashimi Bowl

JULY 2021

José Andrés, Spanish-American chef

Lu x

ourg spe b ci em

ity al

Also called the ‘Japanese No Fishbowl’, this healthy and lush salad combo is both filling and tasty. The missing hint of lettuce green goes unnoticed thanks to a flavourful combination of cucumbers, edamame, wakame, cilantro and chives. The marinated watermelon in sesame oil and soy sauce, and carrots marinated in nori sheets all add a pop of colour with a delectable taste after sitting in the fridge for two hours! The dish is enjoyed with an appetising wasabi dressing on the side. glow-food.lu

Feiersténgszalot A common cold starter in the grand duchy. Mainly containing pieces of beef and hard-boiled eggs.

The rich Leguminati bowl merges six diﬀerent recipes to provide scrumptious flavours with an invincible “eat me!” invitation. The delicious dish combines Mediterranean tabouleh, hummus, beet salad, carrot salad, falafels and falafel sauce all prepared separately to leave a lip-smacking taste and heavenly aroma. The luxurious Leguminati bowl is an ample example of what salads can be without lettuce! oakbistro.lu

Salad combo: can be enjoyed alone or combined with other salads and/or potatoes. About 15-25 minutes to prepare. Quick and easy to prepare with common kitchen ingredients. Gudden Appetit!

Sebastien Goossens (archives)

Oak’s Leguminati Bowl

Seasoned with mustard, vinegar, tarragon, parsley, sunflower oil, onion, salt and pepper.

Photo

JULY 2021

Plan your ideal kitchen with the help of bulthaup’s experts

Art of living

The kitchen, the heart of your home

Numerous surveys have shown that, for several years now, the kitchen has been the favourite room of the house. An ideal place for warmth and companionship, it’s the perfect place to cook,

of course, but also to eat or have a drink while chatting with loved ones. You meet your family there in the morning for breakfast and discuss your day’s work in the evening at dinner.

The kitchen often opens onto the living space to encourage the house’s inhabitants to circulate from one room to another and stay in touch. Nowadays, it even sometimes serves as an office space when working from home. Quite a change for a room that was previously confined to a single function and shut away from the other rooms in the house. So, as you can see, the kitchen is first and foremost a space to experience life. “Form follows function” That’s why this space needs to benefit from the best possible planning, with an attractive design

Welcome to bulthaup Luxembourg bulthaup opened its showroom in Strassen in 1992. The end of last year the interior received a full makeover. Now, Renaud Sara, Stefan Bambach and their team are ready to welcome you there to help you plan the kitchen of your dreams. Next year they’ll celebrate a new company milestone with their 30th anniversary. Nothing beats an in-person visit for viewing the diversity and quality of the materials used and assessing the company’s expertise. Their interior designers gladly take the time to turn your vision into reality and give you personalised advice.

Photos

Think of the number of hours spent in your kitchen – not cooking, just talking and laughing with your family or friends. The kitchen is at the centre of your home, but more than that it’s at the heart of the human relationships that occur there. Designing this room is an art, but mostly it’s an art of living, according to bulthaup.

bulthaup, Jorge de Jorge